Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Union Pacific Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.36 0.38 0.34 0.31 0.35
Adjusted 0.36 0.38 0.34 0.31 0.35
Liquidity Ratio
Current Ratio
Reported 0.81 0.72 0.62 1.01 0.79
Adjusted 0.81 0.72 0.62 1.01 0.80
Solvency Ratios
Debt to Equity
Reported 2.20 2.74 2.10 1.58 1.39
Adjusted 1.22 1.39 1.17 0.97 0.90
Debt to Capital
Reported 0.69 0.73 0.68 0.61 0.58
Adjusted 0.55 0.58 0.54 0.49 0.47
Financial Leverage
Reported 4.54 5.38 4.49 3.68 3.40
Adjusted 2.40 2.60 2.37 2.14 2.05
Profitability Ratios
Net Profit Margin
Reported 26.45% 28.13% 29.92% 27.38% 27.27%
Adjusted 26.80% 30.52% 33.70% 27.98% 30.15%
Return on Equity (ROE)
Reported 43.14% 57.54% 46.06% 31.54% 32.65%
Adjusted 23.15% 30.12% 27.37% 18.70% 21.73%
Return on Assets (ROA)
Reported 9.50% 10.69% 10.27% 8.57% 9.60%
Adjusted 9.63% 11.60% 11.57% 8.76% 10.61%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Union Pacific Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Union Pacific Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Union Pacific Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Union Pacific Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Union Pacific Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Union Pacific Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Union Pacific Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Union Pacific Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Union Pacific Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Operating revenues 24,119 24,875 21,804 19,533 21,708
Total assets 67,132 65,449 63,525 62,398 61,673
Activity Ratio
Total asset turnover1 0.36 0.38 0.34 0.31 0.35
Adjusted
Selected Financial Data (US$ in millions)
Operating revenues 24,119 24,875 21,804 19,533 21,708
Adjusted total assets2 67,141 65,459 63,535 62,415 61,677
Activity Ratio
Adjusted total asset turnover3 0.36 0.38 0.34 0.31 0.35

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Operating revenues ÷ Total assets
= 24,119 ÷ 67,132 = 0.36

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Operating revenues ÷ Adjusted total assets
= 24,119 ÷ 67,141 = 0.36

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Union Pacific Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 4,148 3,952 3,551 4,214 3,459
Current liabilities 5,106 5,520 5,744 4,173 4,351
Liquidity Ratio
Current ratio1 0.81 0.72 0.62 1.01 0.79
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 4,157 3,962 3,561 4,231 3,463
Current liabilities 5,106 5,520 5,744 4,173 4,351
Liquidity Ratio
Adjusted current ratio3 0.81 0.72 0.62 1.01 0.80

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,148 ÷ 5,106 = 0.81

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 4,157 ÷ 5,106 = 0.81

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Union Pacific Corp. adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 32,579 33,326 29,729 26,729 25,200
Common shareholders’ equity 14,788 12,163 14,161 16,958 18,128
Solvency Ratio
Debt to equity1 2.20 2.74 2.10 1.58 1.39
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 34,179 34,957 31,488 28,333 27,033
Adjusted common shareholders’ equity3 27,920 25,206 26,846 29,222 30,124
Solvency Ratio
Adjusted debt to equity4 1.22 1.39 1.17 0.97 0.90

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Common shareholders’ equity
= 32,579 ÷ 14,788 = 2.20

2 Adjusted total debt. See details »

3 Adjusted common shareholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted common shareholders’ equity
= 34,179 ÷ 27,920 = 1.22

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Union Pacific Corp. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 32,579 33,326 29,729 26,729 25,200
Total capital 47,367 45,489 43,890 43,687 43,328
Solvency Ratio
Debt to capital1 0.69 0.73 0.68 0.61 0.58
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 34,179 34,957 31,488 28,333 27,033
Adjusted total capital3 62,099 60,163 58,334 57,555 57,157
Solvency Ratio
Adjusted debt to capital4 0.55 0.58 0.54 0.49 0.47

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 32,579 ÷ 47,367 = 0.69

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 34,179 ÷ 62,099 = 0.55

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Union Pacific Corp. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 67,132 65,449 63,525 62,398 61,673
Common shareholders’ equity 14,788 12,163 14,161 16,958 18,128
Solvency Ratio
Financial leverage1 4.54 5.38 4.49 3.68 3.40
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 67,141 65,459 63,535 62,415 61,677
Adjusted common shareholders’ equity3 27,920 25,206 26,846 29,222 30,124
Solvency Ratio
Adjusted financial leverage4 2.40 2.60 2.37 2.14 2.05

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Common shareholders’ equity
= 67,132 ÷ 14,788 = 4.54

2 Adjusted total assets. See details »

3 Adjusted common shareholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted common shareholders’ equity
= 67,141 ÷ 27,920 = 2.40

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Union Pacific Corp. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 6,379 6,998 6,523 5,349 5,919
Operating revenues 24,119 24,875 21,804 19,533 21,708
Profitability Ratio
Net profit margin1 26.45% 28.13% 29.92% 27.38% 27.27%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,463 7,592 7,349 5,465 6,545
Operating revenues 24,119 24,875 21,804 19,533 21,708
Profitability Ratio
Adjusted net profit margin3 26.80% 30.52% 33.70% 27.98% 30.15%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income ÷ Operating revenues
= 100 × 6,379 ÷ 24,119 = 26.45%

2 Adjusted net income. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Operating revenues
= 100 × 6,463 ÷ 24,119 = 26.80%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Union Pacific Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 6,379 6,998 6,523 5,349 5,919
Common shareholders’ equity 14,788 12,163 14,161 16,958 18,128
Profitability Ratio
ROE1 43.14% 57.54% 46.06% 31.54% 32.65%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,463 7,592 7,349 5,465 6,545
Adjusted common shareholders’ equity3 27,920 25,206 26,846 29,222 30,124
Profitability Ratio
Adjusted ROE4 23.15% 30.12% 27.37% 18.70% 21.73%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income ÷ Common shareholders’ equity
= 100 × 6,379 ÷ 14,788 = 43.14%

2 Adjusted net income. See details »

3 Adjusted common shareholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted common shareholders’ equity
= 100 × 6,463 ÷ 27,920 = 23.15%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Union Pacific Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income 6,379 6,998 6,523 5,349 5,919
Total assets 67,132 65,449 63,525 62,398 61,673
Profitability Ratio
ROA1 9.50% 10.69% 10.27% 8.57% 9.60%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 6,463 7,592 7,349 5,465 6,545
Adjusted total assets3 67,141 65,459 63,535 62,415 61,677
Profitability Ratio
Adjusted ROA4 9.63% 11.60% 11.57% 8.76% 10.61%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 6,379 ÷ 67,132 = 9.50%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 6,463 ÷ 67,141 = 9.63%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Union Pacific Corp. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.